The Insurance Distribution Directive (IDD)

The Insurance Distribution Directive (IDD) comes into effect in February 2018. What does this mean for our industry?

The European Insurance and Occupational Pensions Authority (EIOPA) have yet to finalise their guidance, but it’s all about strengthening our industry and regulatory controls across Europe. The FCA have published their first consultation paper and a further consultation will be published later this year.

What are the potential changes?

•Cross-selling – full clarity over add-ons with it all being about the customer’s choice.

•Training and competence - 15 hours of training each for front line sales staff and those involved in product development per year, complete with recorded evidence.*